Hamilton Insurance Group, Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Bermuda Segment
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Gross premiums written | $1,406,085 | $1,114,122 | $845,516 |
| Net premiums written | $1,155,482 | $951,564 | $710,039 |
| Net premiums earned | $1,054,399 | $847,795 | $615,025 |
| Third party fee income | 14,574 | 7,435 | 8,549 |
| Claims and Expenses | |||
| Losses and loss adjustment expenses | 687,223 | 512,150 | 352,466 |
| Acquisition costs | 230,614 | 171,960 | 122,450 |
| Other underwriting expenses | 54,522 | 61,189 | 55,763 |
| Underwriting income (loss) | $96,614 | $109,931 | $92,895 |
| Attritional losses - current year | $575,678 | $447,074 | $314,195 |
| Attritional losses - prior year development | (17,299) | 4,172 | 13,972 |
| Catastrophe losses - current year | 146,914 | 74,960 | 31,390 |
| Catastrophe losses - prior year development | (18,070) | (14,056) | (7,091) |
| Losses and loss adjustment expenses | $687,223 | $512,150 | $352,466 |
| Attritional loss ratio - current year | 54.6% | 52.7% | 51.1% |
| Attritional loss ratio - prior year development | (1.6)% | 0.5% | 2.3% |
| Catastrophe loss ratio - current year | 13.9% | 8.9% | 5.1% |
| Catastrophe loss ratio - prior year development | (1.7)% | (1.7)% | (1.2)% |
| Losses and loss adjustment expense ratio | 65.2% | 60.4% | 57.3% |
| Acquisition cost ratio | 21.9% | 20.3% | 19.9% |
| Other underwriting expense ratio | 3.8% | 6.3% | 7.7% |
| Combined ratio | 90.9% | 87.0% | 84.9% |
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Property | $458,352 | $423,747 | $318,297 |
| Casualty | 766,593 | 524,711 | 402,731 |
| Specialty | 181,140 | 165,664 | 124,488 |
| Total | $1,406,085 | $1,114,122 | $845,516 |
Gross premiums written increased by $292.0 million, or 26.2%, from $1.1 billion for the year ended December 31, 2024 to $1.4 billion for the year ended December 31, 2025. The increase was primarily driven by growth in both new and existing business in casualty and property reinsurance classes.
Gross premiums written increased by $268.6 million or 31.8% from $845.5 million for the year ended December 31, 2023 to $1.1 billion for the year ended December 31, 2024. The increase was primarily driven by new business, expanded participations and rate increases in casualty and property reinsurance classes. Specialty reinsurance also increased, primarily driven by new business and non-recurring reinstatement premiums.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Property | $335,554 | $308,444 | $220,659 |
| Casualty | 579,447 | 413,993 | 290,035 |
| Specialty | 139,398 | 125,358 | 104,331 |
| Total | $1,054,399 | $847,795 | $615,025 |
Net premiums earned increased by $206.6 million, or 24.4% from $847.8 million for the year ended December 31, 2024 to $1.1 billion for the year ended December 31, 2025, primarily driven by new business and volume growth in our casualty, property and specialty reinsurance classes. The most significant drivers of this increase were general liability, professional liability, property treaty and quota share business and financial lines.
Net premiums earned increased by $232.8 million, or 37.8%, from $615.0 million for the year ended December 31, 2023 to $847.8 million for the year ended December 31, 2024, primarily driven by our casualty and property reinsurance classes, by new business, volume growth and rate increases. The most significant drivers of this increase were general liability, professional lines and property treaty and quota share classes.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Third party fee income | $14,574 | $7,435 | $8,549 |
Third party fee income is generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
Third party fee income of $14.6 million for the year ended December 31, 2025 increased by $7.1 million or 96.0%, compared to $7.4 million for the year ended December 31, 2024.
Third party fee income of $7.4 million for the year ended December 31, 2024 decreased by $1.1 million, compared to $8.5 million for the year ended December 31, 2023.
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
|---|---|---|---|---|---|---|
| Attritional losses | $575,678 | 54.6% | $(17,299) | (1.6)% | $558,379 | 53.0% |
| Catastrophe losses | 146,914 | 13.9% | (18,070) | (1.7)% | 128,844 | 12.2% |
| Total | $722,592 | 68.5% | $(35,369) | (3.3)% | $687,223 | 65.2% |
| Attritional losses | $447,074 | 52.7% | $4,172 | 0.5% | $451,246 | 53.2% |
| Catastrophe losses | 74,960 | 8.9% | (14,056) | (1.7)% | 60,904 | 7.2% |
| Total | $522,034 | 61.6% | $(9,884) | (1.2)% | $512,150 | 60.4% |
| Attritional losses | $314,195 | 51.1% | $13,972 | 2.3% | $328,167 | 53.4% |
| Catastrophe losses | 31,390 | 5.1% | (7,091) | (1.2)% | 24,299 | 3.9% |
| Total | $345,585 | 56.2% | $6,881 | 1.1% | $352,466 | 57.3% |
Year Ended December 31, 2025 versus Year Ended December 31, 2024
Attritional loss ratio - current year for the year ended December 31, 2025 was 54.6% compared to 52.7% for the year ended December 31, 2024, an increase of 1.9 percentage points. The attritional loss ratio - current year for the year ended December 31, 2025 was impacted by a change in business mix, including an increase in casualty reinsurance business, and certain large losses in our specialty and property reinsurance classes. The attritional loss ratio - current year for the year ended December 31, 2024 included a specific large loss of $26.1 million arising from the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the year ended December 31, 2025 was a favorable 1.6% compared to an unfavorable 0.5% for the year ended December 31, 2024, a decrease of 2.1 percentage points. The favorable attritional loss ratio - prior year for the year ended December 31, 2025 was primarily driven by favorable development in property and specialty reinsurance classes and casualty and property insurance classes, partially offset by unfavorable development in certain casualty reinsurance classes, including discontinued lines of business and additional information on certain large losses.
Catastrophe losses - current year and prior year were $128.8 million and $60.9 million for the years ended December 31, 2025 and 2024, respectively. Catastrophe losses for the year ended December 31, 2025 were driven by the California wildfires ($130.7 million), severe convective storms ($9.3 million) and the Queensland hailstorms ($6.9 million), partially offset by favorable prior year development of $18.1 million. Catastrophe losses for the year ended December 31, 2024 were driven by Hurricane Helene ($33.0 million), Hurricane Milton ($25.0 million), the Calgary hailstorms ($12.9 million), and Hurricane Debby ($4.1 million), partially offset by favorable prior year development of $14.1 million.
Year Ended December 31, 2024 versus Year Ended December 31, 2023
Attritional loss ratio - current year for the year ended December 31, 2024 was 52.7% compared to 51.1% for the year ended December 31, 2023, an increase of 1.6 percentage points. The increase included a specific large loss of $26.1 million arising from the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the year ended December 31, 2024 was an unfavorable 0.5% compared to an unfavorable 2.3% for the year ended December 31, 2023, a decrease of 1.8 percentage points. The unfavorable attritional loss ratio - prior year for the year ended December 31, 2024 was primarily driven by unfavorable development in certain casualty reinsurance classes, partially offset by favorable development in property reinsurance and insurance classes.
Catastrophe losses - current year and prior year were $60.9 million and $24.3 million for the years ended December 31, 2024 and 2023, respectively. Catastrophe losses for the year ended December 31, 2024 were driven by Hurricane Helene ($33.0 million), Hurricane Milton ($25.0 million), the Calgary hailstorms ($12.9 million), and Hurricane Debby ($4.1 million), partially offset by favorable prior year development of $14.1 million. Catastrophe losses for the year ended December 31, 2023 were primarily driven by wind and thunderstorm events which impacted states in both the Southern and Midwest U.S. during March 2023 ($11.0 million), the Hawaii wildfires ($9.2 million), severe convective storms in June 2023 ($7.1 million), Hurricane Idalia ($3.6 million) and various flood events ($0.5 million), partially offset by favorable prior year development of $7.1 million.
| Acquisition Costs · % of Net Premiums Earned | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the Years Ended December 31, · For the Years Ended December 31, | ||||||||
| ($ in thousands) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | '25 vs '24point r | '24 vs '23point r |
| Property | $46,811 | $38,896 | $26,947 | 14.0% | 12.6% | 12.2% | 1.4 | 0.4 |
| Casualty | 151,946 | 103,388 | 68,615 | 26.2% | 25.0% | 23.7% | 1.2 | 1.3 |
| Specialty | 31,857 | 29,676 | 26,888 | 22.9% | 23.7% | 25.8% | (0.8) | (2.1) |
| Total | $230,614 | $171,960 | $122,450 | 21.9% | 20.3% | 19.9% | 1.6 | 0.4 |
The acquisition cost ratio for the year ended December 31, 2025 was 21.9%, compared to 20.3% for the year ended December 31, 2024. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes.
The acquisition cost ratio for the year ended December 31, 2024 was 20.3%, compared to 19.9% for the year ended December 31, 2023. The modest increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance and property reinsurance classes.
Other Underwriting Expenses and Other Underwriting Expense Ratios
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Other underwriting expenses | $54,522 | $61,189 | $55,763 |
| Other underwriting expense ratio | 3.8% | 6.3% | 7.7% |
Other underwriting expenses are general and administrative costs incurred by our reportable segments.
Other underwriting expenses for the year ended December 31, 2025 were $54.5 million, a decrease of $6.7 million, or 10.9%, compared to $61.2 million for the year ended December 31, 2024. The decrease was primarily driven by the$17.3 million Bermuda substance-based tax credits, partially offset by increased personnel costs as we continued to build out underwriting teams supporting the corresponding increase in premium volume and an increase in certain variable performance based compensation costs.
Other underwriting expenses for the year ended December 31, 2024 were $61.2 million, an increase of $5.4 million, or 9.7%, compared to $55.8 million for the year ended December 31, 2023. The increase was primarily driven by an increase in salary and compensation costs, an increased headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume, and professional fees.
The other underwriting expense ratios for the years ended December 31, 2025, 2024 and 2023 decreased over the same period at 3.8%, 6.3% and 7.7% as a result of the growth in premium base, Bermuda substance-based tax credits, and certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.